Richardson City Council approved a resolution to amend the city’s code of ordinances, which will raise the exemption from $130,000 to $145,000, during its Feb. 12 meeting.
What you need to know
The increase will be reflected in residents’ property tax bills received in 2025 and only applies to taxes due to the city, not other taxing entities. The exemption, which only applies to the city portion of a property tax bill, is available to individuals over the age of 65 or an individual with disabilities.
City Manager Don Magner said the goal of the exemption is to exempt about 30% of a home’s market value from taxation, which this increased exemption would meet, according to city projections.
Individuals seeking the exemption should contact either the Dallas Central Appraisal District or the Collin Central Appraisal District, based on their county of residence.
What else?
Council previously received a presentation from city staff during a Jan. 22 work session. Based on those projections, the new exemption is likely to provide $813 in annual savings based on the average market value of a Richardson senior’s home.
Magner said raising the exemption was something council members felt strongly about.
“[Council wants] to continue to provide at a minimum the 30% protection for seniors,” Magner said. “This is important to council because it allows seniors to remain in their homes [and] allows them to continue having that residential experience they’ve enjoyed all these years.”
